Mohammad Raafi Hossain

CEO of FASSET

Compiled from 1 recorded interview. Every statement below is drawn from the passage cited beside it.

Mohammad Raafi Hossain is the CEO of FASSET, which he has said can be thought of as a digital bank. He has said the company brings a global banking experience to the common person. Hossain has also said he was part of the group that started FASSET.

Early life and education

Hossain has said he is from Dhaka. He has also said that he and his co-founder grew up in the UK and the US. He has said he went to UC Berkeley. [1]

FASSET

Hossain has said FASSET gives each customer a global USD account. He has said users can deposit PKR and 26 other currencies, and that users get a debit card to spend US dollars. He has also said FASSET offers an IBAN product and a card product. According to Hossain, users can invest in stocks, sukuk, and metals such as gold and silver. [1]

Hossain has said FASSET pays users about 4 to 4.5 percent on their money, and that the 4% offered comes from double A graded Malaysian government sukuk. He has said sukuk is not the end goal for FASSET. He has said FASSET bought a real estate tokenization platform from Pakistan, and that it has about 100 assets on its platform. [1]

Hossain has said FASSET operates in many countries, from Morocco to Malaysia. He has said that operating in only Pakistan or only Bangladesh would not let him build a balance sheet like Coinbase. He has said FASSET has about 35 to 40 engineers across Pakistan, and that business houses in Pakistan have invested in the company. [1]

Hossain has said FASSET reports regularly to about seven regulators. He has said enhanced due diligence requested by other regulators creates a time gap. He has said FASSET has met the SECP chairman and the state bank governor, and has had meetings with the finance minister and the prime minister. He has said FASSET is waiting for new regulations to roll out. [1]

Views on Islamic finance

Hossain has said he personally dislikes the term Sharia compliant. He has said interest benefits the person with the most money, who takes no risk. He has said the aim is to bring Islamic banking and modernize it with technology. [1]

Views on access to finance

Hossain has said FASSET starts with a subcontinent-first approach to its customers. He has said the level of fighting FASSET does for Pakistanis and Bangladeshis is not matched by any other company. He has also said the average Pakistani and the average Bangladeshi are consistently rejected on some international financial platforms. He has said a Pakistani will most likely pay more for dollars than an American. [1]

Hossain has said Pakistanis can legally park their capital in US dollar denominated assets. He has said elites in the country keep 20 to 50 percent of their assets globally. [1]

Hossain has said he understands the trust gap that customers feel toward digital finance, and that trust must be earned from customers over time. He has said all they can do is follow the laws and regulations and bring an ethics-based approach. He has said regulators are practical and pragmatic when an entrepreneur presents a case that makes sense to them. He has also said they have to beat the bad guys without crossing the line. [1]

Views on crypto

Hossain has said about 99.95 percent of cryptocurrencies are an absolute joke that should be avoided. He has said many cryptocurrencies are Ponzi schemes with no value, and that people should avoid meme coins and leverage bets. He has said the focus should be on bringing real assets onto the technology, and that crypto's underlying technology gives people an equal way to access assets. [1]

Hossain has said the Pakistan government has set up a council to talk about crypto. He has also said Pakistan's crypto regulation is in public consultation. [1]

Outlook

Hossain has said Asia will be number one by 2050. He has said Pakistan could get 35 billion or more over the next five years by leveraging its youth. He has said that reputation, a family's reputation, values and principles matter, and that anyone who puts in blood, sweat and tears can succeed from anywhere. [1]

Personal life

Hossain has said he is motivated to bring back dignity to his people. He has said there is an obligation on them, rooted in their faith, to give back. [1]

Appearances

DateTitleWhere
2026-02-09 Global banking for ordinary Pakistanis, without the gatekeepers Thought Behind Things

Frequently asked questions

Who is Mohammad Raafi Hossain?

Mohammad Raafi Hossain is the CEO of FASSET. He has said FASSET can be thought of as a digital bank. He has also said he was part of the group that started the company.[1]

What does Mohammad Raafi Hossain do?

Mohammad Raafi Hossain is the CEO of FASSET. He has said the company brings a global banking experience to the common person.[1]

Where did Mohammad Raafi Hossain study?

Mohammad Raafi Hossain has said he went to UC Berkeley.[1]

Where is Mohammad Raafi Hossain from?

Mohammad Raafi Hossain has said he is from Dhaka. He has also said that he and his co-founder grew up in the UK and the US.[1]

What does FASSET, the company led by Mohammad Raafi Hossain, offer?

Mohammad Raafi Hossain has said FASSET gives each customer a global USD account and a debit card to spend US dollars. He has said users can deposit PKR and 26 other currencies. He has also said users can invest in stocks, sukuk, and metals such as gold and silver.[1]

What yield does FASSET pay, according to Mohammad Raafi Hossain?

Mohammad Raafi Hossain has said FASSET pays users about 4 to 4.5 percent on their money. He has said the 4% offered comes from double A graded Malaysian government sukuk.[1]

What does Mohammad Raafi Hossain think about cryptocurrency?

Mohammad Raafi Hossain has said about 99.95 percent of cryptocurrencies are an absolute joke that should be avoided. He has said many are Ponzi schemes with no value. He has also said the focus should be on bringing real assets onto the technology.[1]

References

  1. Global banking for ordinary Pakistanis, without the gatekeepers . Thought Behind Things , 2026-02-09.
Show the source passages (53 statements)
  1. Mohammad Raafi Hossain is the CEO of FASSET. Rafi, the CEO of FASSET
  2. He has said FASSET brings a global banking experience to the common person. We simply bring a global banking experience to the common person
  3. He has said he is from Dhaka. I'm from from Dhaka at the end of the day
  4. He has said he went to UC Berkeley. having gone to UC Berkeley right in the heart of Silicon Valley
  5. He has said he and his co-founder grew up in the UK and the US. me and my co-founder we grew up in UK US
  6. He has said he was part of the group that started FASSET. after having started Facet we realize
  7. He has said FASSET can be thought of as a digital bank. you can think about it as as a digital bank
  8. He has said FASSET gives each customer a global USD account. You have a global USD account
  9. He has said users can deposit PKR and 26 other currencies. you can deposit your PKR, you can deposit 26 other currencies depending on where you're from
  10. He has said users get a debit card to spend US dollars. you have a debit card that you can spend your uh US dollars in
  11. He has said users can invest in stocks, sukuk, and metals such as gold and silver. You can invest in stocks, you can invest in suks, you can invest in metals, gold, silver
  12. He has said FASSET pays users about 4 to 4.5 percent on their money. we're giving four 4 and a.5% uh all in a Sharia compliant way
  13. He has said the 4% offered comes from double A graded Malaysian government sukuk. the 4% that we offer these are double A graded Malaysian government suk
  14. He has said sukuk is not the end goal for FASSET. Now sukuk is not the end goal for us
  15. He has said FASSET bought a real estate tokenization platform from Pakistan. We've actually bought a real estate tokenization platform from Pakistan
  16. He has said FASSET offers an IBAN product and a card product. IBAN product. We have a card product
  17. He has said FASSET has about 100 assets on its platform. we have about 100 assets on the platform
  18. He has said FASSET operates in many countries, from Morocco to Malaysia. We're not just in Pakistan. We're pretty much everywhere from what we say Morocco to Malaysia
  19. He has said FASSET reports regularly to about seven regulators. We have about seven regulators that we have to report to regularly
  20. He has said FASSET has about 35 to 40 engineers across Pakistan. about 35 40 amazing engineers across Pakistan from Scaru to Lahore to Islamabad
  21. He has said business houses in Pakistan have invested in FASSET. business houses in Pakistan that have uh invested in Facet
  22. He has said FASSET has had meetings with the finance minister and the prime minister. had a great meeting with the finance minister. We've had a great meeting uh with the prime minister
  23. He has said FASSET has met the SECP chairman and the state bank governor. We've met SECP chairman. We've met state bank governor
  24. He has said FASSET is waiting for new regulations to roll out. That is our goal. That is our goal. We're we're waiting for the Parv regulations to roll out
  25. He has said enhanced due diligence requested by other regulators creates a time gap. when other regulators are asking us to do enhanced due diligence, it does create a bit of time gap
  26. He has said FASSET starts with a subcontinent-first approach to its customers. We're definitely starting with subcontinent first approach 100%
  27. He has said the level of fighting FASSET does for Pakistanis and Bangladeshis is not matched by any other company. the fighting that we're doing for Pakistanis Bangladeshi subcontinent our people no other company is doing that level of fighting
  28. He has said the average Pakistani and the average Bangladeshi are consistently rejected on some international financial platforms. the average Pakistani, average Bangladeshi consistently get rejected on platforms like Payaneer, Wise, Revolute
  29. He has said he personally dislikes the term Sharia compliant. I personally hate the word Sharia compliant
  30. He has said interest benefits the person with the most money, who takes no risk. interest benefits the person that has the most money and they have to take no risk
  31. He has said the aim is to bring Islamic banking and modernize it with technology. bring Islamic banking, modernize it with the technology that we have
  32. He has said he understands the trust gap that customers feel toward digital finance. I understand the trust gap. I understand why it's there
  33. He has said all they can do is follow the laws and regulations and bring an ethics-based approach. All we can do is follow the laws, regulations, bring an ethics-based approach to it
  34. He has said regulators are practical and pragmatic when an entrepreneur presents a case that makes sense to them. those people are practical and pragmatic as long as the entrepreneur like ourselves can put it to them in a way that makes sense for them
  35. He has said Pakistanis can legally park their capital in US dollar denominated assets. Pakistanis legally are parking their capital in US dollar denominated assets freely
  36. He has said elites in the country keep 20 to 50 percent of their assets globally. just like the elites in our country, they keep 20 30% maybe 40 50% of their assets globally
  37. He has said Pakistan could get 35 billion or more over the next five years by leveraging its youth. Pakistan can easily leverage its position its youth and get like 35 billion of or upwards of that over the next 5 years
  38. He has said Asia will be number one by 2050. 100% Asia will be number one uh by 2050
  39. He has said the Pakistan government has set up a council to talk about crypto. the step that the government of Pakistan has done in terms of talking about it, setting up a council
  40. He has said Pakistan's crypto regulation is in public consultation. the current area in which that trajectory is on is you know public consultations
  41. He has said about 99.95 percent of cryptocurrencies are an absolute joke that should be avoided. 99.9 5% of cryptocurrencies are an absolute joke and should be avoided
  42. He has said many cryptocurrencies are Ponzi schemes with no value. because they're Ponzi schemes. There's no value
  43. He has said to avoid meme coins and leverage bets. avoid the meme coins, avoid the leverage bets
  44. He has said the focus should be on bringing real assets onto the technology. we should be focused on bringing real assets on there
  45. He has said crypto's underlying technology gives people an equal way to access assets. So there's a freedom and there's an equalization factor inside that technology
  46. He has said a Pakistani will most likely pay more for dollars than an American. Most likely you will pay more for the dollar and you'll have to jump through more hoops to get the same asset
  47. He has said they have to beat the bad guys without crossing the line. we have to beat the bad guys without crossing the line
  48. He has said that operating in only Pakistan or only Bangladesh would not let him build a balance sheet like Coinbase. for us if we just did Pakistan or just did Bangladesh I will not be able to build a balance sheet like Coinbase
  49. He has said he is motivated to bring back dignity to his people. to bring back dignity to our people
  50. He has said there is an obligation on them, rooted in their faith, to give back. there's an obligation on us from our faith from our mind that we should give back
  51. He has said anyone who puts in blood, sweat and tears can succeed from anywhere. someone puts the blood, sweat and tears they can succeed from anywhere
  52. He has said that reputation, a family's reputation, values and principles matter. reputation matters, your family's reputation matters, your values matter, your principles matter
  53. He has said trust must be earned from customers over time. over time, you know, you have to you have to earn the trust of your customers